Business Finance
Accounting 403 Auditing I

Question Description

I need support with this Accounting question so I can learn better.

  • Discuss the difference between a subsequent event and a subsequent discovery of facts, and determine the auditor's responsibility for each event after the audit report is complete. Support your position.
  • Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

    Final Answer

    Thank you for the opportunity to help you with your question!

    Subsequent events are the events occurring between the date of financial statements and the date of the auditors report, whereas the subsequent discovery of facts is an event where the facts became known to the auditors after the exact date of the auditors report.

    In subsequent events, the auditor should perform all the procedures he/she's entitled to for an appropriate audit evidence, through the financial statements provided and these procedures should be laid in paragraphs so that they cover the period of the business operation. In subsequent discovery of facts, the auditor is never allowed or required to perform any audit procedures regarding the financial statements after the date of the auditors report.

    Please let me know if you need any clarification. I'm always happy to answer your questions.

    Caty (356)
    New York University

    Top quality work from this tutor! I’ll be back!

    It’s my second time using SP and the work has been great back to back :) The one and only resource on the Interwebs for the work that needs to be done!

    Thanks, good work

    Similar Questions
    Related Tags

    Brown University

    1271 Tutors

    California Institute of Technology

    2131 Tutors

    Carnegie Mellon University

    982 Tutors

    Columbia University

    1256 Tutors

    Dartmouth University

    2113 Tutors

    Emory University

    2279 Tutors

    Harvard University

    599 Tutors

    Massachusetts Institute of Technology

    2319 Tutors

    New York University

    1645 Tutors

    Notre Dam University

    1911 Tutors

    Oklahoma University

    2122 Tutors

    Pennsylvania State University

    932 Tutors

    Princeton University

    1211 Tutors

    Stanford University

    983 Tutors

    University of California

    1282 Tutors

    Oxford University

    123 Tutors

    Yale University

    2325 Tutors